A mortgage of P 80 000 is to be paid by annual payment over a period of 10 years. If the interest rate is 15.8% effective. a) calculate the annual payment; b) construct an amortization schedule; c) find the total payment made; d) find the total interest paid
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
5. A mortgage of P 80 000 is to be paid by annual payment over a period of 10 years. If the interest rate is 15.8% effective.
a) calculate the annual payment;
b) construct an amortization schedule;
c) find the total payment made;
d) find the total interest paid
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